Academy Industry Analysis Article

OKEx Wazzup Crypto #1


OKEx Wazzup Crypto is a weekend digest of all the hottest news on crypto published by OKEx Academy. The crypto planet is evolving too fast, and OKEx Wazzup Crypto helps you to keep on track.

This week’s big fusses in Crypto:

  • -Search volume for Bitcoin halving quadrupled compared to the 2016 event
  • -Halving this time will be completely different from previous ones
  • -ECB once again expressed concerns over Libra
  • -Global crisis fueled the need for Ethereum, says the co-founder of Ethereum
  • -A DeFi startup raises more than $1M
  • -Teen Hacker and his crew accused of crypto theft worth $24 M
  • -An 11yo boy published a book about Bitcoin
  • -Ukraine’s nuclear power plants may start mining Bitcoin and other cryptocurrencies

Fuss #1: Search volume for Bitcoin halving quadrupled compared to the 2016 event

Google searches for “Bitcoin halving” have surged tremendously over the past few weeks. The chart below gives you an idea of how much search volume has soared compared to the spike around the 2016 halving event.

Source: mondovisione

Fuss #2: Halving this time will be completely different from previous ones

Eight experts from Crypto Valley believe that the Bitcoin halving event that is just around the corner will be very different from previous ones. CEO of Mt Pelerin, Arnaud Salomon, explained:

“The power has shifted away from miners. They’re not in the same position as they used to be ten years ago or even five years ago […]. The stock is already so big and because today there is a lot of Bitcoin in circulation people are willing to trade and exchange.”

Fuss #3: ECB once again expressed concerns over Libra

According to the global stablecoin review published by the European Central Bank three days ago, the ECB is mainly concerned about Libra’s technological, legal and operational features which are not governed by current regulations. Consequently, users are susceptible to attacks and other risks.

Image: Shutterstock

The review further estimates that the potential size of Libra could reach $3 trillion which will possibly cause imbalance in the global financial market. For that reason, the ECB justified the need of introducing a clear regulation for stablecoins.

Fuss #4: Global crisis fueled the need for Ethereum, says the co-founder of Ethereum

Vitalik Buterin, co-founder of Ethereum, expressed his take on the Ethereum network at the Ethereal Summit 2020 that it could make a massive amount of contribution in connecting countries together amid global crisis:

“I definitely think that there’s a role for blockchains — and Ethereum in particular — to play in being this kind of neutral global player role [for] these systems, currencies, and applications to interact. I think anything created and maintained by nation-states can’t play that role.”

Fuss #5: A DeFi startup raises more than $1M

General Protocols, a decentralized finance startup company, announced on May 7 that their team has raised over $1 million for its DeFi blueprint about BCH network. John Nieri, president of General Protocols said:

“We are delighted that aligned investors are supporting us in our vision to bring DeFi to Bitcoin Cash. We are building a team of dedicated supporters of peer to peer electronic cash here at General Protocols.”

Fuss #6: Teen Hacker and his crew accused of crypto theft worth $24 M

A 15yo boy and his crew were accused of stealing cryptocurrency worth of $25 million by a blockchain company’s adviser. Apparently this young hacker and his gang succeeded by hacking into this adviser’s phone in 2018. Now at 18, this young man is facing a $71 million compensation brought up by the adviser.

Just in case you are interested, the case is Terpin v. Pinsky, 20-cv-03557, U.S. District Court, Southern District of New York (Manhattan).

Fuss #7: An 11yo boy published a book about Bitcoin

While most of teenagers are stuck at home busy accomplishing their TikTok dance challenge, an American boy, Andrew Courey who is only 11 years old, just published a book about Bitcoin and other cryptocurrencies.

According to the prodigy, people will comprehend most of Bitcoin’s information if they spend only about 70 to 80 hours reading. Andrew has used plain simple way of explaining the concept of Bitcoin. In the book, he compared distributed ledger technology to Google doc, and Bitcoin wallet to your mail.

Source: Amazon

Fuss #8: Ukraine’s nuclear power plants may start mining Bitcoin and other cryptocurrencies

Ukraine’s Ministry of Energy post a statement on Facebook, saying that the state-owned nuclear plants are having electricity surplus due to COVID-19 quarantine and crypto mining may be adopted to optimize the current excess energy situation.

The post reads, “To work out, together with Energoatom and the Energoatom Trading division, the regulatory and technical issues of the possible implementation of cryptocurrency mining projects in order to provide additional markets for the electricity generated by nuclear power plants”.

Thank you for reading this week’s Wazzup Crypto!